31 December 2016
Hi , Please help me to calculate net payable amount under work contracts. Contractor bill amount:- Value of work (including labour and material charge)= 300000 KVAT charged = (300000*75%)*14.5% = 32625 Service Tax charged= (300000*40%)*15% = 18000 Total Billed amount = 300000+32625+18000= 350625
We are the client to pay bill amount, Please tell how to calculate net amount after deducting TDS-1%, WCT-8% and Retention- 5%
31 December 2016
The calculation will be as under:- Value of work 3,00,000 KVAT Charged 32625 Service tax charged 18,000 TDS 3000 Retention 24000 WCT 8% of 32625=2610 Amount payable 321015(350625-3000-24000-2610)
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